A draft resolution recognizing 100% of the shares of Electric Networks of Armenia (ENA) as an object of primary public interest has been submitted for public discussion
09.09.2026,
18:02
The RA Ministry of Territorial Administration and Infrastructure has submitted for public discussion a draft government resolution recognizing 100% of the shares of Electric Networks of Armenia (ENA) CJSC as an object of primary public interest.
YEREVAN, September 9. /ARKA/. The RA Ministry of Territorial Administration and Infrastructure has submitted for public discussion a draft government resolution recognizing 100% of the shares of Electric Networks of Armenia (ENA) CJSC as an object of primary public interest.
The public discussion of the draft resolution will last from September 9 to 24, 2026.
According to the rationale for the decision, published on the legal information portal e-draft.am (http://e-draft.am/), ENA ensures electricity distribution throughout the country, and the population, hospitals, schools, water supply systems, communications, and the economy depend on the company's stable operation. Possible disruptions in the power grid could have consequences for energy and national security, healthcare, and public stability.
One of the key reasons for the proposed decision was the termination of ENA's license to distribute electricity. By a decision of the Public Services Regulatory Commission on November 17, 2025, the license was declared invalid.
According to Article 52 of the Law on Energy, in the event of license termination, the government proposes that shareholders dispose of shares or property necessary for the implementation of the relevant activity. If voluntary disposition does not occur within the prescribed period, the law provides for the possibility of disposition as an exceptional measure in accordance with Article 60 of the Constitution of Armenia.
On February 17, 2026, the government proposed that ENA shareholders Tashir Capital and Liormand Holdings Limited dispose of 100% of the company's shares to the state. However, legal disputes arose between the state and Tashir Capital regarding the procedure and timeframe for consideration of this proposal. Specifically, by a decision of the Administrative Court on April 18, 2026, the company was given until May 25 to discuss with the government the disposition of its 70% stake in ENA.
Tashir Capital separately challenged the regulator's decision to terminate its license. On March 27, 2026, the Administrative Court dismissed the company's claim.
The authorities believe that the temporary management of ESA cannot be considered a permanent long-term solution. Their rationale also cites the Constitutional Court's decision of March 12, 2026, which held that the preventive measures provided by law, including temporary management, are aimed at ensuring the stability and uninterrupted operation of the power grid and are temporary in nature.
Given the strategic importance of the power grid, the government believes it is necessary to ensure its stable operation, regardless of the situation with the private company and its owners. Therefore, recognizing 100% of ENA shares as an object of overriding public interest is considered the legal basis for the subsequent alienation of shares and the long-term provision of uninterrupted power supply.
The document emphasizes that ownership is not absolute and may be limited by law for the purpose of overriding public interest, subject to the principles of legality, necessity, and proportionality.
Therefore, the proposed draft provides for the recognition of 100% of ENA shares as an object of overriding public interest, after which their alienation must be carried out in accordance with the procedure established by law. However, the shares have not yet been transferred to the state.
On the status of ENA
On July 3, 2025, the Armenian Parliament adopted legislative amendments allowing the state to intervene in the management of Electric Networks of Armenia CJSC. Since July 18, 2025, Romanos Petrosyan has been the interim manager of ENA.
RA Prime Minister Nikol Pashinyan has stated several times that ENA has already been de facto nationalized; the company will become state-owned and will be placed under trust management.
About ENA and the criminal case against Samvel Karapetyan
Electric Networks of Armenia (ENA) CJSC manages the medium and low-voltage distribution networks in the country and serves approximately 1 million customers.
Since 2016, ENA has been owned by the Tashir Group of Companies (owner and president: Samvel Karapetyan). According to the company, approximately $680 million was invested in network modernization during this period, with an additional $150-200 million invested in creating new capacity.
Karapetyan was detained and subsequently arrested on June 18, 2025, initially on charges of publicly calling for a seizure of power after making a statement in support of the Armenian Apostolic Church. He was later also charged with tax evasion, embezzlement, money laundering, and illegal entrepreneurship.
Karapetyan denies guilt. His defense claims the prosecution is politically motivated.
The public discussion of the draft resolution will last from September 9 to 24, 2026.
According to the rationale for the decision, published on the legal information portal e-draft.am (http://e-draft.am/), ENA ensures electricity distribution throughout the country, and the population, hospitals, schools, water supply systems, communications, and the economy depend on the company's stable operation. Possible disruptions in the power grid could have consequences for energy and national security, healthcare, and public stability.
One of the key reasons for the proposed decision was the termination of ENA's license to distribute electricity. By a decision of the Public Services Regulatory Commission on November 17, 2025, the license was declared invalid.
According to Article 52 of the Law on Energy, in the event of license termination, the government proposes that shareholders dispose of shares or property necessary for the implementation of the relevant activity. If voluntary disposition does not occur within the prescribed period, the law provides for the possibility of disposition as an exceptional measure in accordance with Article 60 of the Constitution of Armenia.
On February 17, 2026, the government proposed that ENA shareholders Tashir Capital and Liormand Holdings Limited dispose of 100% of the company's shares to the state. However, legal disputes arose between the state and Tashir Capital regarding the procedure and timeframe for consideration of this proposal. Specifically, by a decision of the Administrative Court on April 18, 2026, the company was given until May 25 to discuss with the government the disposition of its 70% stake in ENA.
Tashir Capital separately challenged the regulator's decision to terminate its license. On March 27, 2026, the Administrative Court dismissed the company's claim.
The authorities believe that the temporary management of ESA cannot be considered a permanent long-term solution. Their rationale also cites the Constitutional Court's decision of March 12, 2026, which held that the preventive measures provided by law, including temporary management, are aimed at ensuring the stability and uninterrupted operation of the power grid and are temporary in nature.
Given the strategic importance of the power grid, the government believes it is necessary to ensure its stable operation, regardless of the situation with the private company and its owners. Therefore, recognizing 100% of ENA shares as an object of overriding public interest is considered the legal basis for the subsequent alienation of shares and the long-term provision of uninterrupted power supply.
The document emphasizes that ownership is not absolute and may be limited by law for the purpose of overriding public interest, subject to the principles of legality, necessity, and proportionality.
Therefore, the proposed draft provides for the recognition of 100% of ENA shares as an object of overriding public interest, after which their alienation must be carried out in accordance with the procedure established by law. However, the shares have not yet been transferred to the state.
On the status of ENA
On July 3, 2025, the Armenian Parliament adopted legislative amendments allowing the state to intervene in the management of Electric Networks of Armenia CJSC. Since July 18, 2025, Romanos Petrosyan has been the interim manager of ENA.
RA Prime Minister Nikol Pashinyan has stated several times that ENA has already been de facto nationalized; the company will become state-owned and will be placed under trust management.
About ENA and the criminal case against Samvel Karapetyan
Electric Networks of Armenia (ENA) CJSC manages the medium and low-voltage distribution networks in the country and serves approximately 1 million customers.
Since 2016, ENA has been owned by the Tashir Group of Companies (owner and president: Samvel Karapetyan). According to the company, approximately $680 million was invested in network modernization during this period, with an additional $150-200 million invested in creating new capacity.
Karapetyan was detained and subsequently arrested on June 18, 2025, initially on charges of publicly calling for a seizure of power after making a statement in support of the Armenian Apostolic Church. He was later also charged with tax evasion, embezzlement, money laundering, and illegal entrepreneurship.
Karapetyan denies guilt. His defense claims the prosecution is politically motivated.
